Bitwise's European research director, André Dragosch, stated in a post on the 28th that Bitcoin is being distributed from early retail investors to institutional investors such as funds/ETPs, companies, and governments. Unlike other traditional asset categories in history, the adoption of Bitcoin started with retail investors such as cypherpunks and early adopters, followed by family offices, fund managers, ETFs, and other institutional investors making their first investments in Bitcoin. Even today, individual investors still hold about 66% of the BTC. This means that the vast majority of Bitcoin is still controlled by non-institutional investors, and in terms of institutional adoption, "we are still in the early stages." Nevertheless, there is currently a large-scale shift of BTC from retail to institutional investors happening. Institutional investors (ETPs and treasury companies) currently hold about 12.5% of the BTC supply, and this number is rapidly increasing. This shift is not something that can be achieved overnight, it is a long-term trend. And this "big shift" ultimately means that the price of BTC needs to be higher to incentivize BTC to move from early retail investors to institutional investors.